The level of fiscal stimulus will be too small to have any macro-economic effect. These deflated hopes have major implications for the US bond markets, the dollar, commodities, and the Trump ‘reflation trade’ on global asset markets.

The infrastructure plan was loosely billed at $1 trillion in the heady days of the campaign. This dropped to $550bn during the transition. The sketchy plans released by the White House this week suggest that US federal government may not put up any new money at all.

“There is concern that this might even be net loss, an actual disinvestment...